Daniel Barel on reservations

About Daniel Barel

Daniel Barel, co-founder and CEO of REE Automotive, has stated that the company achieved FMVSS and EPA certification for its by-wire technology, which he described as a first for the industry. In the third quarter of 2024, Barel reported that the company more than doubled its reservation value from $60 million to nearly $140 million and improved liquidity by 47%. He announced a $45 million investment led by its largest shareholder, M Investments, and Modison, which he said would likely be the last dilutive capital raise in the near future. Barel has reaffirmed the company's target of reaching bill-of-material break-even in the second half of 2025 on production of a few hundred vehicles, and has stated that REE is targeting cumulative sales of approximately 6,000 trucks by the end of 2026, representing about 1% of the medium-duty market. Barel has described REE's by-wire technology as removing mechanical connections between drive, steer, and brake components, and has said the company aims to serve as a foundational technology provider for other OEMs, likening the approach to "Intel inside" for automotive. He has noted that the company is working with three undisclosed automakers interested in its technology and has partnerships with fleets including Penske and U-Haul. Barel has also discussed the company's capital-light assembly strategy, which he said involves integration centers costing a few million dollars rather than billions, and has emphasized that the company is focused on collaboration rather than competition within the industry.

Profile compiled from Daniel Barel's verified public interviews and appearances. See all quotes & transcripts →